Northern Rock makes further mortgage rate cuts

Just ten days after its last round of rate reductions, Northern Rock has further decreased interest rates in its Everyday mortgage product range with effect from today, 25 March 2011.

Selected rates across its residential 2 and 3-Year mortgage range have been cut, and Everyday Fixed rates for customers with a 30% deposit are now available from just 3.39% with a £995 product fee.

Those purchase customers with smaller deposits can also benefit from a reduction to Northern Rock’s 2-Year Fixed rate Everyday residential mortgage available at 90% LTV at 5.88%, which has no product fee.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.

Northern Rock continues to offer a choice of competitive Fee Saver options across its range of residential mortgages for customers who are looking to keep their fee costs as low as possible. The company also offers a Flexible range, which offers customers the chance to apply to use more of Northern Rock’s flexible features such as unlimited charge-free overpayments, underpayments or borrowing back overpayments.

Northern Rock offers a free basic valuation (excluding non-standard work) and free standard legal costs on residential remortgage cases. And there is also a competitive range of Buy-to-Let mortgages available.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full details of the product range are included for information.

More information is available on Northern Rock’s website northernrock.co.uk/Mortgages/.